The Boardroom Edge for Female-Led Businesses
Scaling isn’t just about funding - it’s about who’s around your table
In the last few years, women have been making incredible strides in the UK’s scale-up scene.
According to EY’s 2024 report on high-growth female-led businesses, 45 women-founded companies have now passed £50 million in annual turnover - collectively contributing £6.9 billion to the UK economy and employing over 55,000 people.
And there are hundreds more hot on their heels. EY identified 242 “Ones to Watch” -female-founded companies in the £20m–£50m revenue bracket, with almost 100 of them growing at more than 10% a year.
So, we know women can scale. The question is: are they getting the right kind of support as they do?
The Power of a Good Board
We talk a lot about funding, but here’s what doesn’t get nearly enough airtime: the role of a brilliant board.
When it’s done well, a board isn’t just there to tick governance boxes; it’s a strategic lever, confidence builder, space for challenge, reflection, and fresh thinking.
The data backs this up:
- ScaleUpNation found that companies with well-structured, purpose-aligned boards outperformed their peers.
- EY says founders who evolve their boards early are better prepared to raise capital and scale sustainably.
- And the Advisory Board Centre found that 90% of companies using advisory boards saw a positive impact on their growth.
And yet, most founders still don’t have one.
A Tech Nation report found that only 35% of scale-up founders in the UK have a formal board - and just 22% use them strategically.
Why Founders Hold Back
It’s not surprising many founders feel uncertain or even wary about bringing in a board. The most common things I hear?
- “I don’t want to lose control.”
- “It feels too early.”
- “I wouldn’t know where to start.”
- “I don’t know the right people.”
And honestly? I get it. The wrong board can be a time-sink. But the right one? That’s a game-changer.
Because the truth is: as your business grows, you can’t and shouldn’t carry it all on your own.
Boards help you shape your narrative, pressure-test big decisions, open doors to investors, and think longer-term. They create space to work on the business, not just in it.
And the need is especially urgent for women scaling fast. EY found that female-led businesses turning over £50 million+ are growing at 11.5% CAGR, more than double the average for similar-sized UK businesses.
So many women are already flying - imagine what’s possible with the right support around them.
What a Great Board Looks Like
If the word “board” makes you think of suits, PowerPoints, and people you barely know, let’s reframe that.
Here’s a simple way I help founders think about it:
The 4 R’s of a Growth-Ready Board
- Role Clarity
Why are they here? Are they helping with governance, strategic decisions, fundraising - or all three? - Right People
Look for people who challenge and support you. Who’ve been where you’re going, see your vision and help you expand it. - Rhythm
Set regular meeting cadences, plan ahead, keep the agenda focused on what really matters. Strategy should always take centre stage. - Respect and Challenge
The best boards make you feel both safe and stretched. It’s a space where you can be honest and be pushed.
This isn’t admin. It’s armour. Strategic, steadying, and exactly what fast growth demands.
When Should You Build a Board?
The short answer? Sooner than most founders think.
You don’t need to wait for a funding round or a certain revenue threshold. In fact, some of the most effective boards are built before external investors get involved, when you still have full control over who’s around your table and why.
In the earliest days, you might just need a few trusted advisors. People you can call for a sanity check, a second opinion, or a nudge in the right direction.
As you move closer to raising investment, it’s worth pulling those people into something more structured; an advisory board that meets regularly and helps you shape your story, strategy, and funding plan.
Once institutional capital is in play, a formal governance board will likely be part of the deal. That’s your opportunity to shape it well, bringing in people who support your vision, stretch your thinking, and truly add value beyond the legal minimum.
And if you’re heading toward £50m+ turnover, planning for exit, or considering leadership succession? That’s the time to bring in seasoned non-execs who’ve been there, done it, and can help you navigate the complexity ahead.
Wherever you are on the journey, the board you build now should support where you’re going next. And that’s the key: build ahead of the curve - not after you’ve hit it.
What We Can’t See Hurts Us
One of the biggest barriers to progress? Lack of visibility.
EY’s 2024 report is one of the first to publicly map women-led companies by revenue tier. But even they acknowledge the data is patchy, thanks to opaque ownership structures, inconsistent reporting, and underrepresentation in public datasets.
We still don’t have a clear national picture of how many female-led businesses are scaling or what support they’re getting.
That matters. Because if we can’t see it, we can’t support it.
Data gaps lead to policy gaps. They make it harder to build inclusive networks, to track progress, or to hold funders and investors accountable.
If we want more women to scale successfully - and we should - we need both better boards and better data.
Final Thought: No One Scales Alone
We pour energy into helping women raise capital. But capital without guidance? That’s like rocket fuel without a navigation system.
A great board doesn’t control you. It challenges you, champions you, and keeps you grounded when things get noisy.
So if you’re growing fast, don’t wait for permission to build your board.
Do it for your business.
Do it for yourself.
And do it on your terms.
Because no one scales alone.
